ACG4111 Discussion Board

Mikey Brown
Mar 24, 2022
1 min read

Updated: Sep 14, 2022

Feel free to ask any questions regarding the new FAR 2 material or in general about the class! Remember, its Automatic!

If you have questions about a specific textbook problem or question in a review packet, please be very clear (Chapter 23 review, page 18, question #, etc).

Good luck studying!

282 Comments

aidanmj1121

a day ago

Mock Exam A, #7.

In other instances when given the monthly salary you multiply it by 12 to get the yearly. Why is that not the case for this question?

Mikey Brown

14 hours ago

Replying to

Hi Aidan,

The question here should say annually - so the answer key accidentally includes 5,000 one time as an annual salary.

Apologies on the confusion here!

aidanmj1121

4 days ago

For question 39 on the exam review packet, what would be the second journal entry for the partial goodwill method? It's not relevant for the sake of this question, I just can't figure out how to balance it out.

Mikey Brown

4 days ago

Replying to

The journal entry would be:

Debit Goodwill 5,000

Credit JP Capital 5,000

This would increase JPs capital from 10,000 originally + 5,000 allocated from gain = 15,000 up to 20,000 - the amount he will receive upon leaving.

Then the final entry would be:

Debit JP Capital 20,000

Credit Cash 10,000

Credit Notes Payable 10,000

Ananya Kommareddy

Apr 16

When is JC ch 15 going to be available? We have a quiz on it tomorrow

Mikey Brown

6 days ago

Replying to

Hi Ananya,

JC 15 is only covered in the Exam Review which was released a few days before your quiz last week!

This comment was deleted.

Mikey Brown

Feb 25

Replying to

Hi,

Apologies on delay - for scheduling questions please email mikey@automatictutoring.com to know specific release dates at Target Copy!

This comment was deleted.

Mikey Brown

Feb 09

Replying to

Hi Thomas,

The reason we pay the full cash is because this Question is getting at the topic of bonds issued between interest dates.

Since the bond was dated may 1st and actually issued july 1st, there was 2 months of accrued interest we received (which we received in part a). Because we receive interest for 2 months on July 1st, we end up paying an entire 6 months of interest in part D. However, if you net together the extra cash received (from part a) with the cash paid (part d), you will see the cash actually paid for interest is 250k x 5% x 4/12.

Let me know if this helps!